Chinese Man Gets 46-Month Sentence for $37M Crypto Scam Targeting 174 U.S.
Jiangling Su, a 45-year-old from China, was sentenced to 46 months in prison for running a $37 million cryptocurrency laundering scheme...
Quick overview
- Jiangling Su was sentenced to 46 months in prison for a $37 million cryptocurrency laundering scheme that impacted 174 U.S. victims.
- Su and his accomplices deceived investors through fake crypto trading sites and communications, leading them to believe their investments were profitable.
- The Justice Department has intensified efforts against cybercrime, seizing cryptocurrency and dismantling laundering networks since 2020.
- Authorities emphasize the importance of caution for investors, as new opportunities may conceal fraudulent schemes.
Jiangling Su, a 45-year-old from China, was sentenced to 46 months in prison for running a $37 million cryptocurrency laundering scheme that affected 174 people in the U.S. On January 27, U.S. District Judge Gary Klausner also ordered Su to pay more than $26 million in restitution.
Su admitted to conspiring to run an illegal money-transmitting business. Prosecutors explained that Su and eight others tricked U.S. investors using fake crypto trading sites, online dating messages, phone calls, and texts. Victims thought their investments were growing, but their money was actually sent overseas.
How the Scam Operated
The scheme used a complicated international network to move stolen money:
- They collected $36.9 million and sent it through Deltec Bank in the Bahamas.
- The money was then changed into Tether (USDT) cryptocurrency.
- After that, it was sent to partners in Cambodia and spread out to other locations.
- Victims were tricked into believing their investments were making money.
Assistant Attorney General Tysen Duva said that more cybercriminals are using digital platforms to target Americans. “Criminals in the digital age weaponize the internet for fraud,” he said, pointing out that scams are growing on social media, fake websites, and through phone calls.
Bill Essayli, First Assistant Attorney General for the Central District of California, said this case shows why investors need to be careful. “New investment opportunities may sound intriguing, but they can hide schemes that steal and launder millions.”
DOJ and International Response
The Justice Department’s Computer Crime and Intellectual Property Section (CCIPS) led the case, working with partners in the U.S. and abroad. Their main actions included:
- Seizing crime-linked cryptocurrency and dismantling laundering networks
- Coordinating with U.S. Marshals, Homeland Security Investigations, and foreign authorities
- Engaging international prosecutors (ICHIPs) to target global cybercriminals
Since 2020, CCIPS has convicted more than 180 cybercriminals and helped return over $350 million to victims. The team for this case included Assistant U.S. Attorneys Nisha Chandran, Alexander Gorin, Maxwell Coll, and Justice Department trial attorneys Stephanie Schwartz and Tamara Livshiz.
This teamwork shows that U.S. authorities are adapting to fight large digital fraud cases and are serious about enforcing laws against cryptocurrency crimes.
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